This assessment will cover the following questions:
- Generate the nature of marketing strategy and also explain its importance for the Reebok organisation.
- Reebok is a fitness footwear and clothing manufacturer. Explain the factors that impact the selection of marketing tactics.
- Implement the use of appropriate models and techniques which assist in the strategic marketing process
- Evaluate the contemporary marketing issues and the problems in a strategic context.
Introduction
Marketing help to attract customers easily towards working of organization and help to achieve goals and objectives, marketing strategy is require for overall growth of business. Marketing strategy help companies to establish their new product in market. Reebok is one of the leading company worldwide in footwear section and provide different fashion and fitness apparels to customers. In this report we will external environment for Reebok with help of PESTLE to know effectiveness of their products and services. 7 P's help company to develop a marketing strategy for their organizations products and services. STP analyze help company to know effectiveness of their product in market. Marketing goals and objectives are set to attract customers and improve effectiveness of their products and services. Marketing mix help to establish new product in market.
Part 1
Environment analysis
Environmental analysis is a strategic tool and a process to identify external environment that will affect organization's performance. Analysis help to take decision for development of organization at a large scale.
PESTLE
Pestle analysis is a tool that help to analyze macro environmental factors that impact organization effectiveness(Olson and et.al.,2018). Reebok is going to launch their new product in a new territory and pestle analysis help them to expand their business in a new market.
Political factor
Government interference have a huge impact on success of organization.. Reebok wants to launch their new product running shows in a new market. Brand need to find a country that help Reebok to develop business. Rules and regulations by government in a new market are familiar to Reebok then it help company to expand and grab new opportunities. Stability in government help company to achieve their goals and objectives in a new territory easily. Trade restrictions in an economy make Reebok unable to achieve their goals and objectives.
Economic factors
Reebok monitor economic growth rate and exchange rate in a new territory before entering in a market. Interest rate and tax rates by government of a new country affects smooth running of a business. Reebok mainly focuses on customers from lower income groups and prepare mid range products for their target market. Due to increase in purchasing power of middle class customers it increases demand for Reebok products.
Social factors
Customs, values and attitude of individual in an economy affects sale of products and services of a brand. Company need to analyze cultural barriers and lifestyle attitude of customers before entering in market. Due to increase in demand for sports shoes in young population help Reebok to attract customers(Palmatier, 2018). Increase participation in sports events and developing attitude towards health consciousness help company to increase their sale.
Technological factors
Innovation in technology is require for development of business in a long run. Company requires proper research on market to upgrade technology. Due to increase in online market which help customers to buy easily, Reebok develop their own website for customers with different range of products. New Innovation and changes in sports products make them look unique and help Reebok to satisfy their customers wants.
Environmental factors
Rules set by government towards pollution and scarcity of raw materials effects overall growth of a business at a large scale. Reebok made regular efforts to maintain workplace standards to minimize pollution and wastage of carbon footprints. Maintain safe and healthy conditions in factories. Environment rules by government on raw materials use by Reebok effects overall growth of their business.
Legal factors
Company need to know Consumer protections laws, employment laws, health and safety laws in an economy for smooth working of their business. Reebok follow all local policies set by government in a territory like provide quality products, maintain safety of customers. Company pay taxes according to set policies by government of country.
Evaluation of current marketing strategy
7p's
Product
Product means what an organization selling to their customers. All features and advantages provided by product help company to attract customers. To market product company need to analyze need and wants of customers. In context of Reebok it an worldwide company that deals in fitness and sports products(Kingsnorth, 2019). Provide variety of product for every segment in society. Their unique segment of shoes named ReeGym to wear while workout in gym. Footwear segment with moving air for health conscious people to provide relaxation to their muscles while running. While developing their product companies focus on quality and to maintain brand awareness. Maintain all features of their products and services and make them available easily
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